BRF - Brasil Foods SA, the world’s largest poultry exporter, and Marfrig Alimentos SA, Brazil’s second-biggest food company, slumped after JPMorgan Chase & Co. cut both stocks to the equivalent of sell from neutral.
Brasil Foods fell 1.7 percent to 35.01 reais at the close of trading in Sao Paulo. Marfrig slid 1.7 percent to 11.80 reais after earlier retreating as much as 4.2 percent. The benchmark Bovespa index lost 1.8 percent.
JPMorgan’s 12-month price target for Marfrig is 10 reais. For Brasil Foods it is 33 reais.